Business performance
The year 2025 continued its downward trend in the Luxury division stronger as expected but we could report a positive progress in Medtech division and a rebound in Industry division. The Dental Brand sales were negatively impacted by the increase in precious metal prices, the US tariffs and the liquidation of its subsidiaries.
2025, downward trend continued, stabilized at a lower level
The Group reports a net sales increase of +3.2%, which is mainly related to precious metal price increases and not to the operational activities.
The Group’s revenue excluding precious metal decreased by -15.2% in 2025. The reported EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased from mCHF 22.3 (9.9% of net sales) in 2024 to mCHF 51.6 (22.2% of net sales) mainly driven by a positive impact from the book value adjustments due to an increase in precious metal prices.
The operational EBITDA considering realized operational gains on precious metal decreased from mCHF 22.2 (9.9% of net sales) in 2024 to mCHF 21.7 (9.3% of net sales).
We are far below our expectations of the operational results. However, considering the economic situation and geopolitical challenges, as well as the successful completion of many projects in this period, we are positive about the outcome and future.
The increase in Medtech and the rebound in Industry division supported the profitability. This situation confirms the relevance of the diversification strategy around our core competences we are implementing. We are in a more robust and agile overall structure in the face of economic uncertainty.
CMO – Contract Manufacturing Operations
Despite difficult market conditions, the CMSA Group has maintained partner loyalty and continues to collaborate on new projects. The Group is expanding and retaining its customer base by leveraging cross-selling opportunities from recently acquired companies and competencies, which enhances its service offering and expertise.
Clients view CMSA as a stable, reliable, high value adding, and highly skilled supplier with a broad range of value-added services. The introduction of Key Account Management and increased cooperation between sites are supporting this progress.
The Group is committed to sustaining high service and quality standards, while managing costs through workforce efficiencies, and process automation.
Luxury division
The Luxury division reports a strong decline, resulting in a –24% drop in revenue for the year, largely due to the severe slowdown in the market, particularly this year in the higher price segment and further intensified by excess inventory held by some of our customers, who reduced their orders accordingly. The impact varied among Group companies, depending on their customer and product mix.
MedTech division
In contrast, the Medtech division saw a 2.7% increase in revenue, driven by strong sales in the audiology sector, offsetting negative geopolitical and market influences. to develop our prototyping capabilities, work on cost efficiencies and productivities for our clients and to improve our production processes.
Industry division
The Industry division reported a 13% rise in organic revenue, benefiting from increased demand and new cross-sector development projects involving surface treatment and machining. Recent developments in AI and the increase in demand for chips suggest excellent prospects.
Dental Brand – Cendres+Métaux
Dental brand revenue fell organically by –9.6% in 2025. Sales of precious metal dental alloys declined due to competition from cheaper alternatives and US tariffs halted our US business. Geopolitical conflicts further reduced revenue.
The new product development “Supraloc” progresses slowly and takes more time than anticipated.
Organisation of the group
The Group has adapted the organization structure and reduced 86 Headcounts (-13%)* in 2025, while securing the competencies. Along with this adjustment the Group functions were streamlined to have a more agile structure.
* This includes terminated employment contracts that are valid beyond 2025, but for which the employees no longer work for the company.
Outlook for 2026
Visibility for 2026 is still limited. Customers reduced their long-term orders to gain on agility and flexibility. There are first positive signs coming from a growing China market in Swiss Watch Exports, and some customer reorders, which show, that certain customers have reached a lower inventory level.
The Medtech division, with its multi-year projects, gives visibility and stability, however the price reductions demanded in this industry and the strong Swiss Franc makes it more difficult to keep up with the competition.
In the Industry division, the semiconductor market remains strong and intact, which affects positively the medium- and long-term forecasts. New technical sales representatives support the sales and business development in CMSA Group.
The management will continue to focus on liquidity preservation, efficiency improvements, investment in production tools and ERP systems, and strengthening corporate culture to ensure sustainable development and align the Group under a unified vision.
Shares and dividends
The operational 2025 result is below prior year, but given the circumstances, we are positive about the outcome and future performance.
However, the economic situation remains volatile, and we must act with caution. Therefore, the Board of Directors is proposing a dividend of CHF 125 per share.
At the end of 2025, the value of a CMSA Holding SA share was CHF 4 650. A strong equity per share ratio of CHF 16 930, positive results, and long-term growth, will help to increase the attractiveness of the CMSA Holding SA shares. We thank our shareholders for their loyalty and the interest they show in the CMSA Group.
Share-split
CMSA Holding SA has 14’000 shares, which results in a high share price and makes it difficult to trade the shares. Last year 3% of the shares were traded on our trading platform OTC-X.
The Board of Directors has decided to propose to the annual general assembly a share-split in the ratio of 1:10 to increase the attractiveness and the tradability of the shares.
New name CMSA
At the Annual General Assembly 2025, the shareholders confirmed the change of the company’s name to CMSA. CMSA stands for Contract Manufacturing Solutions Alliance and supports the Group’s path to becoming an internationally active and recognized actor.
At the end of 2025, the Group entities changed their name to CMSA. With this step, our employees are united under the name of CMSA, collaborate as one team and take advantage of the synergies and opportunities which exist in the Group.
Amendment of the articles of association
At the annual general meeting on May 7, 2026, we will ask our shareholders to vote on an amendment to articles 4 and 18 of the articles of association. This amendment of article 4 is necessary in order to split the shares by a factor of 10, increase the number of shares from 14 000 to 140 000 and change the nominal value from CHF 100 to CHF 10. In addition, we adjusted article 18 for simplification purposes.